Semtech (NASDAQ:SMTC) Sets New 12-Month High – Here’s What Happened

Semtech Co. (NASDAQ:SMTC) shares reached a new 52-week high during trading on Tuesday . The company traded as high as $76.35 and last traded at $76.17, with a volume of 14371 shares changing hands. The stock had previously closed at $75.00.

Analyst Upgrades and Downgrades

Several research firms have issued reports on SMTC. Needham & Company LLC raised their target price on Semtech from $70.00 to $74.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. Susquehanna increased their target price on shares of Semtech from $55.00 to $60.00 and gave the stock a “positive” rating in a report on Thursday, November 21st. UBS Group started coverage on shares of Semtech in a research note on Friday. They issued a “buy” rating and a $85.00 price target for the company. Stifel Nicolaus lifted their target price on Semtech from $65.00 to $75.00 and gave the company a “buy” rating in a report on Monday, January 6th. Finally, Craig Hallum boosted their target price on Semtech from $48.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Three analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Semtech presently has an average rating of “Moderate Buy” and a consensus price target of $71.09.

Semtech Stock Up 0.1 %

The firm has a market capitalization of $5.68 billion, a PE ratio of -5.75 and a beta of 1.65. The business’s fifty day moving average price is $62.17 and its 200 day moving average price is $47.57.

Semtech (NASDAQ:SMTC) last released its earnings results on Monday, November 25th. The semiconductor company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.23 by $0.03. Semtech had a negative return on equity of 154.99% and a negative net margin of 99.08%. The business had revenue of $236.80 million for the quarter, compared to analyst estimates of $232.89 million. During the same quarter in the previous year, the company posted $0.02 earnings per share. The company’s revenue for the quarter was up 17.9% compared to the same quarter last year.

Insider Activity

In related news, COO Asaf Silberstein sold 2,000 shares of Semtech stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $70.00, for a total transaction of $140,000.00. Following the completion of the sale, the chief operating officer now owns 76,417 shares in the company, valued at approximately $5,349,190. This trade represents a 2.55 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Mark Lin sold 6,114 shares of the company’s stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $65.74, for a total transaction of $401,934.36. Following the completion of the transaction, the chief financial officer now owns 3,531 shares in the company, valued at approximately $232,127.94. This trade represents a 63.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 12,419 shares of company stock valued at $816,955 over the last quarter. Corporate insiders own 0.60% of the company’s stock.

Hedge Funds Weigh In On Semtech

Several institutional investors and hedge funds have recently modified their holdings of the company. Huntington National Bank raised its holdings in Semtech by 105.2% in the 3rd quarter. Huntington National Bank now owns 589 shares of the semiconductor company’s stock valued at $27,000 after acquiring an additional 302 shares during the last quarter. NBC Securities Inc. grew its stake in shares of Semtech by 115.8% in the third quarter. NBC Securities Inc. now owns 1,377 shares of the semiconductor company’s stock valued at $62,000 after buying an additional 739 shares in the last quarter. International Assets Investment Management LLC raised its holdings in shares of Semtech by 4,464.9% during the 3rd quarter. International Assets Investment Management LLC now owns 1,689 shares of the semiconductor company’s stock valued at $77,000 after buying an additional 1,652 shares during the period. Canada Pension Plan Investment Board acquired a new position in Semtech during the 2nd quarter worth approximately $60,000. Finally, Quarry LP acquired a new position in Semtech during the 2nd quarter worth approximately $63,000.

About Semtech

Semtech Corporation designs, develops, manufactures, and markets analog and mixed-signal semiconductor and advanced algorithms. It provides signal integrity products, including a portfolio of optical data communications and video transport products used in various infrastructure, and industrial applications; a portfolio of integrated circuits for data centers, enterprise networks, passive optical networks, wireless base station optical transceivers, and high-speed interface applications; and video products for broadcast applications, as well as video-over-IP technology for professional audio video applications.